How Is an Independent Insurance Agent Better Than a Captive Agent?
Commercials for large insurance companies are a common sight. But deciding which insurance is right for your family can feel daunting, especially with the safety and future of your family on the line. Understanding how certain insurance options differ can be a great place to start.
For example, many people aren’t familiar with the concept of an independent insurance agent vs. a captive agent. What is the difference between these two types of insurance agents exactly, and is one a better option than the other? Here is why an independent insurance agent can be a better option than a captive agent.
Independent Agent vs. Captive Agent
An independent insurance agent and a captive insurance agent differ in the number of insurance products they offer, as well as the variety of insurance products. Both types of agents will work to find the insurance that fits your needs, but the similarities end there.
An independent agent works in an independent insurance agency that represents more than one insurance company. This means that the independent insurance agent can present you with a range of options for both products and prices.
By working in an independent insurance agency, the agent also isn’t constrained by corporate policies and quotas that might be found at single-insurer companies. As a result, an independent insurance agent may offer more personalized advice and service.
Unlike the independent insurance agent, the captive agent works for a single insurance company and can only sell that company’s products. Typically, corporate policies and requirements limit and restrict captive agents from offering flexibility with pricing and on a smaller number of products.
Advantages of an Independent Insurance Agency
When you’re looking to protect your family against financial losses, an independent insurance agency can provide distinct advantages over a single insurance company. Your independent agent can:
Provide More Options: You can compare many prices and products
Help You Save Money: You can access lower rates and discounts not found with a captive agent
Advocate for You: You have someone who can help with claims and policy changes
Offer Personalized Advice: Your agent has your interests at heart, not a company’s
Build a Relationship: Your agent has time to get to know you and your needs
Serve as a One-Stop Shop: All of your insurance needs — life, health, home, car, business, or farm — can be met in one place
Provide the Same License and Experience: You get professional service and guidance with the same license as a captive agent holds
Many consumers believe bigger is better. But when it comes to giving you more to help mitigate risks for your family, an independent insurance agency has you covered.
An Independent Insurance Agency Can Meet All Your Needs
Finding the right insurance for your needs can feel like an overwhelming task. But by turning to an independent insurance agent, you can benefit from a better range of pricing and product options and enjoy the peace of mind that all of your insurance needs can be handled in one place.